Bitbns AMA Recap

Bitbns AMA Recap

CryptoDiffer team

Hello, everyone!

We are glad to meet here 

Gaurav Dahake (@g_thedifferentone), CEO at Bitbns

Gaurav Dahake
CEO at Bitbns

Hi everyone

I am Gaurav. I work for bitbns.com – India’s largest fiat to crypto exchange. Together with an amazing team we are working on building bns token https://bitbns.com/bns/

Bns is going to be the utility token that would be across different ecosystems that Buyhatke Bitbns and other entities have. We have 7 working products that operate which touch millions of users

BNS holders would get benefit on each one of them and also broadly it’s working towards making crypto payments more rewarding than fiat payments

Various products from team behind Buyhatke. We started with a vision of empowering users to

– save money,

– make money or

– reduce their commerce friction.

Bitbns – India’s largest fiat to crypto exchange (https://bitbns.com/) (Make money)

Usemycards – World’s first peer to peer cards sharing platform (https://usemycards.com/)(Buyers save money and  cardholders make money)

Buyhatke – A shopping research destination that helps users do smarter shopping and has saved over 300 million dollars for users till date (https://compare.buyhatke.com/) (Save money)

 Tatkalforsure – A tool that automates tatkal ticket booking for you. Does over 2% of all the tatkal tickets booked in India daily (https://tatkalforsure.com/) (Reduce commerce friction)

 Cricket Swag – Helps you get cricket scores 1 ball faster than TV (https://play.google.com/store/apps/details?id=cricket.swag.live.line) (Sports commerce)

 Bns token – Working on making crypto payments more rewarding than fiat (https://bitbns.com/bns/) (Layer on everything commerce)

Bitdroplet.com sip style Bitcoin investing (Make money)

Salesla.com marketplace tool for sellers ( Make money)

Flightsforsure coming soon Would automate flight ticket booking at best prices (Save money)

These are the products that buyhatke team has. Bns would be the nucleus around this ecosystem. Where any commerce transaction you do it would help you save money or make money while doing it and bns would multiply the benefits of that. We already do things at scale in each one of these. We would be embedding bns in them 

We currently on the exchange side

– Have the highest number of tokens listed. Also have deposits and withdrawals enabled on almost all of them.

– Have margin trading with upto 4x leverage

– Fastest direct bank INR deposits

– Bank withdrawals going live by tuesday

– API based trading

– bracket orders and a host of other features

First of all congratz on building a large crypto community Cryptodiffer. I think I have given a broad gist on things. And would be happy to take questions further

CryptoDiffer team

Q1: Can you briefly describe what is Bitbns in 3-5 sentences?  What technology stands behind Bitbns and why it’s better than the existing one?

 

Gaurav Dahake
CEO at Bitbns

Bitbns is India’s largest fiat to crypto exchange. 

We currently on the exchange side

– Have the highest number of tokens listed. Also have deposits and withdrawals enabled on almost all of them.

– Have margin trading with upto 4x leverage

– Fastest direct bank INR deposits

– Bank withdrawals going live by tuesday

– API based trading

– bracket orders and a host of other features

We are working on derivatives and testing it out.

As an exchange we have never been compromised and have institutional grade security. And we spend about 3x the time on security work than on product development.

We also have the world’s first arbitrage extension that’s used by thousands of users 

https://chrome.google.com/webstore/detail/bitbns-extension/chohglfmmlfhnkloampcdmnnhnhegbfg?hl=en

And gives real time arbitrages between different exchanges and bitbns. 

On tech side we have had just 6 hours of downtime in the last 2.4 years and have build a fairly robust infra. The team hails from IIT kharagpur the same college from which Google/alphabet CEO hails from.

 

CryptoDiffer team

Q2: What are the major milestones you have achieved so far?

Gaurav Dahake
CEO at Bitbns

1. We stood when every exchange left India. 

2. We achieved the highest trade volume in spite of launching late and in a bear market

3. Innovated with various solutions around P2P to keep crypto fire burning in India and that has been given us tremendous user trust. 

As we say as long as bitcoin is there bitbns would be there.

Now working on improving the crypto economy with bns and making crypto better than fiat.

This is something we are excited about where a user globally would be able to pay with any crypto on amazon and he would get cashback for doing so. It’s cheaper for him to pay via crypto than fiat. Users can find more details around bns here https://bitbns.com/bns/

And read the whitepaper

CryptoDiffer team

Ok, thanks for such detailed and interesting answers!

Let’s go to the community questions part.

Cryptodiffer Community

I know bitbns is trying to be adopted around the world. And if it work, How have you handled the different regulations of the different countries in which bitbns has arrived? it has been difficult?

Gaurav Dahake
CEO at Bitbns

We are live in UAE and thailand apart from India. UAE we have decent traction. Thailand not yet. We would be going live in 30 countries by end of year. Yes we are liaising with regulators wherever they are open.

Cryptodiffer Community

You know, there’s a lot of competition between the exchanges. What are your priorities to make yourself better than them. What do you offer investors as extras to pick you?

Gaurav Dahake
CEO at Bitbns

Kickass customer experience. Our telegram support is fairly quick. Within minutes we are trying to resolve queries. 

Launching things like where users in real time see which nodes are active https://bitbns.com/trade/#/node-status/

We have also innovated on automating missing deposits. We are I guess the first exchange to do so. Where on the wallet page you can just mention hash and block height and in case it’s missing it gets auto credited. 

Other than that we were the first ones globally to launch bracket orders

We were the first ones to launch arbitrage extension. You can try it. It would make you money https://chrome.google.com/webstore/detail/bitbns-extension/chohglfmmlfhnkloampcdmnnhnhegbfg?hl=en

Cryptodiffer Community

Most of users are still not aware with Blockchain & its related projects ! So, How #BNS platform create awareness about their project with NON-CRYPTO users too?

Gaurav Dahake
CEO at Bitbns

With products like bitdroplet.com which is a simple bitcoin SIP tooi. This has grown in traction and scale tremendously since launch and more non crypto folks are joining this.

Cryptodiffer Community

What is the listing process of Bitbns ? How many criteria for a project to be listed on Bitbns , and Is there any difference with other exchanges?

OTC is a potential market, Bitbns  plans to implement this market?

Gaurav Dahake
CEO at Bitbns

OTC yes

Listing we talk with the teams and figure out what value can we add. For some blockchains we have shared with them developer support by conducting hackathons for some given them industry connects in India. We check whether they are executing on their roadmap and then go ahead.

Cryptodiffer Community

1. Currently, there are many trading platforms centralized and decentralized, like Binance, Huobi, Bittrex,…. Compared to them, what are advantages and disadvantages of BITBNS? What are the biggest strength and differences of BITBNS to attract new users?

2. The goal of Investors, traders is to optimize the reward/risk ratio, so does BITBNS  have any plans to help them?

Gaurav Dahake
CEO at Bitbns

Differences:

Kickass customer experience. Our telegram support is fairly quick. Within minutes we are trying to resolve queries. 

Launching things like where users in real time see which nodes are active https://bitbns.com/trade/#/node-status/

We have also innovated on automating missing deposits. We are I guess the first exchange to do so. Where on the wallet page you can just mention hash and block height and in case it’s missing it gets auto credited. 

Other than that we were the first ones globally to launch bracket orders

We were the first ones to launch arbitrage extension. You can try it. It would make you money https://chrome.google.com/webstore/detail/bitbns-extension/chohglfmmlfhnkloampcdmnnhnhegbfg?hl=en

Check this video for example around bracket orders

Would beautifully explain how risk and reward could be optimised for a user

Cryptodiffer Community

Will Bitbns team have a plan on buying back and burning BNS token periodly like others exchanges?

What is Bitbns business model to ensure the revenue for development and operation?

Gaurav Dahake
CEO at Bitbns

There are discounts on trading fees, margin lending fees and other places. The coins would be burnt in all those fashion.

We are the largest exchange from India and make money from trading fees, lending fees and listing fees.

Cryptodiffer Community

How are you related to wazirx? Do you consider them as a competitor and what is your uniqueness than your competitor?

Gaurav Dahake
CEO at Bitbns

Wazirx is another exchange in India. We both are growing the ecosystem. We are taking unique ways in doing so. One of the ways in which we are doing is by telling we would make your crypto payments more rewarding than fiat on amazon

Cryptodiffer Community

What motivates the founder Bitbns ??

Gaurav Dahake
CEO at Bitbns

Unflinching user support. We saw amazing stories during the bear market and when the going was tough for indian exchanges in India and we saw people making significant amount of money using bitbns https://medium.com/bitbns/crypto-tales/home
We decided not to stop ever on this mission.
As long as bitcoin is there bitbns would be there.

Cryptodiffer Community

1) The exchange is only open to Indian investors, is it planned to expand the project to other regions?

2) What has been the biggest challenge you have faced in Bitbns’s development? How do you intend to consolidate this project as one of the best?

Gaurav Dahake
CEO at Bitbns

30 other countries we are expanding to. 

We overcame all the challenges. Have a fantastic team that works in day in and day out on this

Cryptodiffer Community

How can Bitbns provide security to user funds? How do you overcome the threat of centralization in Bitbns ?

Gaurav Dahake
CEO at Bitbns

We spend 3x more time on security than on product dev. We are working on building solutions where users control their own funds going fwd.

Cryptodiffer Community

What are your expectations for the crypto market especially after halving, is there any preparation on your team?

Gaurav Dahake
CEO at Bitbns

BTC to the moon 🙂 Hopefully the broader crypto market corrects and goes upwards and we are looking for massive amount of trading and volataility and have prepared our systems elastically to scale to it.

Cryptodiffer Community

Since your pre-sale is about to launch, can you introduce more about bitbns regarding its business model, how should we invest and hold it in long-term?

What is Bitdroplet? I still cannot get an idea about it but it seems work like lending, doesn’t it?

Gaurav Dahake
CEO at Bitbns

Bitbns is India’s largest fiat to crypto exchange. We make money from trading fees, lending fees and listing fees. 

Bitdroplet is a simple bitcoin SIP or DCA tool. You can systematically invest in bitcoin using this.

Cryptodiffer Community

Can you tell us some details about Bitbns Pay & Bitbns debit cards.. What are its Limitations & fees & Also, can we use Bitbns card at any payment stores & even online payments?

Can we use BNS tokens & BitBNS cards in international countries for payments, etc?

Gaurav Dahake
CEO at Bitbns

This is bitbns debit card https://www.youtube.com/watch?v=0jfB1UbyBbU

Bitbns pay is something where we are working on facilitating payments on top of amazon with crypto

Cryptodiffer Community

1. In the last security test of Mozilla observatory you get C+ , that is decend but there exist space yo improve, and if you want to increase the adoption you must do It, so what are the security upgrades to the Bitbns platform?

2. What are your market advantages considering than india is a huge crypto community and “shine” is kind difficult?

Gaurav Dahake
CEO at Bitbns

Can you share the link for the same. Would be helpful for us to improve. 

Shine meaning the awareness creation. We have a huge community and user trust. You can check our telegram @bitbns you can check even the traction on our website which is growing exponetially.

Cryptodiffer Community

I know CUSTOMER DELIGHT is very important to Bitbns

SATISFACTION IS ALL CUSTOMER WANT

What are your STRATEGIES to make your COSTUMERS SATISFY with your platform?

How will you get the TRUST and convince more costumers to use your platform?

Gaurav Dahake
CEO at Bitbns

Instant support is what we are looking at building.

Cryptodiffer Community

As a CEO Bitbns long time, what is the value you receive from the community and how will it help you improve Bitbns in the future?

Gaurav Dahake
CEO at Bitbns

Community is what defines us. They give us the ideas and motivation on what are some innovations that we can build on their behalf.

Cryptodiffer Community

In crypto market, trust is hard to be built but easy to be broken like crystal. How will Bitbns build a trustful business for a long-term run, not a “fastfood” exchange?

Can you let us know more about Bitbns team background. How will they have the skill and experience to handle a brand new exchanges in this stat of market?

Gaurav Dahake
CEO at Bitbns

We have never been compromsied in 2.4 years of operating and that trust has made us the largest exchange in India. 

The team comes from IIT kharagpur the same college from which even google CEO comes from. Founders have known each other for over 10 years.

Cryptodiffer Community

What trading fees discount are available on your exchange?? If I hold the token, is there special benefit??
What is the progress of futures trading and margin trading on your exchange??
How often do you organise trading competitions on your exchange and are some available for noobs??

Gaurav Dahake
CEO at Bitbns

Yes we would be announcing partnerships and collaborations. We have worked with larger exchanges like okex earlier.

Cryptodiffer Community

While most exchanges closed or move out, what did Bitbns do to keep the crypto fire alive and become most trusted, largest cryptocurrency exchange?

Gaurav Dahake
CEO at Bitbns

Kept innovating on users behalf.

Cryptodiffer Community

How much interest do you have in Latin American markets like Venezuela and in what way could we collaborate on it? Do you have any ideas in mind to share? Let’s agree 🙂

Gaurav Dahake
CEO at Bitbns

LatAm is a few months. Venezeula would be first.

Cryptodiffer Community

India’s Supreme Court lifts banking ban decision imposed by the country’s central bank on crypto exchanges nearly two years ago, what does this mean to the development strategy of bitbns exchange since your exchange is from India and supports INR as well?

Gaurav Dahake
CEO at Bitbns

Massive user scale and uptick. We are already seeing 7 to 8 times normal user registrations

Cryptodiffer Community

There are many non-crypto investors who want to join this space but meet the obstacle of lacking and difficult-to-use fiat gateway, how easy your fiat gateway is to attract more investor to join bitbns’s force?

Gaurav Dahake
CEO at Bitbns

Our deposits are instant. Fiat flow is fairly seamless for anyone to do. And we are working to replicate this in other gepgrahies.

Cryptodiffer Community

What were the goals you wanted to achieve by opening your token sale to the public? It was all a success!

How did BITBNS get India to adopt cryptocurrency legality?

Gaurav Dahake
CEO at Bitbns

Our first pre public sale got over in 18 seconds. We want to join users in our mission of building an ecosystem around crypto and making crypto better than fiat. 

This was an effort of multiple people who were at the forefront to cancel the banking restriction imposed

Cryptodiffer Community

1) Many users attack BitBns because when you withdraw you dont receive the full amount ( considering the withdraw fee), so why is the reason of that?

2) The trust and the confidence are Keys to reach the success, Which are the methods or plans to improve the community participation?

Gaurav Dahake
CEO at Bitbns

Withdraw fee is standard on every exchange. We showcase it upfront how much you would receive.

Cryptodiffer Community

Bitbns launched many products and Exchange is also super cool.. But, whats the main reason behind launching BNS Tokens now? What are the attractive and main benefits of BNS Tokens to indian users?

Is there any benefits or discount if i purchased any product online with crypto / BNS tokens?

Gaurav Dahake
CEO at Bitbns

BNS you get benefits like trading fee discounts

Or offer like you pay for 11 months for SIP 12th month we would pay

On sites like amazon you would get 4% cashback

Cryptodiffer Community

What are the advantages of using P2P based Deposit and Withdrawal models for trading?

There is a big drop in the market right now. 

How much will this affect the entry of new investors into the market, what do you think about the confidence in the market?

Gaurav Dahake
CEO at Bitbns

We are seeing 7-8 times more users signing up everyday.

Cryptodiffer Community

Investors tend to choose popular exchanges to trade and store their assets, can you enlighten us what special about bitbns so that investors can put their truth on your exchange?

Gaurav Dahake
CEO at Bitbns

You get interest by putting it on margin lending. Interest on stable coins are higher than other major exchanges.

Cryptodiffer Community

How does BITBNS benefit by using support orders? 
What trading tools are available for the “trading margin” area?

Gaurav Dahake
CEO at Bitbns

Different trading options are there. Main being bracket orders which help to limit risk with stop limit with trail and take profit option.

Cryptodiffer Community

Q. When I join any exchanges, I care about its trading fee and withdrawal fee, how about fee in Bitbns to attract traders choose Bitbns?

 Q. In last months, the Indian exchange – WazirX exchange- did successful  IEO on Binance. Bitbns is also an Indian exchange, so what are advantages of Bitbns compare to WazirX or both of you are partners?

Gaurav Dahake
CEO at Bitbns

We have had free trading on USDT markets for over 40 days now.

Cryptodiffer Community

Your Pre-Public Sale Phase 2 Sale on Monday, 23rd March 12:00PM IST, can you explain more about this Sales, and give us top reasons why we should invest and hold BNS token long term

Like every top exchanges, you have a native BNS token, Can you share about the UTILITY and real life use case and application of BNS token within the ecosystem and beyond

Gaurav Dahake
CEO at Bitbns

First token sale went out in 18 seconds. There are 4 pre public token sales happening. Some would also happen on other international venues and then an IEO. IEO price is likely to be above 4th phase price. 

In terms of benefits apart from trading fee, margin fee rebates or discount on doing bitcoin SIP you can also get to pay on amazon with crypto and get cashback for doing it.

Cryptodiffer Community

On bitdroplet, you mentioned an example about Komal investing 400inr weekly into btc for 2 years, the roi was -0.67% btc. This isn’t really convincing for a crypto exchange, what makes bitdroplet a good way for investment and why do you think it is better than traditional investing?

Gaurav Dahake
CEO at Bitbns

This is the current scenario. It would get sorted as BTC price goes up. For mutual funds etc the numbers are even poorer. We would udpate the data about other asset classes there soon.

Cryptodiffer Community

First congrats to team for speedy deposit. My money is already in my app by time I switch from bank app to bitbns

My question is: can we use the token for other online purchase apart from the e-commerce online purchase? 

Also, will there be any additional charges to use the token for payments?

Gaurav Dahake
CEO at Bitbns

Awesome  

No there wont be additional charges. Yes other places also would be added. We are working on building a crypto payment gateway as mentioned in the roadmap

Cryptodiffer Community

Q1: What steps did you have to take to achieve the highest trading volume in India?

Q2: I heard that they have more than 74 cryptocurrencies, do they have more trading tools to trade?

Gaurav Dahake
CEO at Bitbns

1. Quick support. Fantastic trading experience and tools. Margin trading. API option etc

2. Yes

Cryptodiffer Community

The big problem of some exchanges at this time is liquidity, so what does @Bitbns exchange do to make sure liquidity for users fastly to attract more users in exchanges space?

What is Role of $BNS token in your platform ..????

Gaurav Dahake
CEO at Bitbns

We are working on adding liquidity providers by opening up our API for all. Bns token would give users benefit on bitbns bitdroplet and a host of other products.

Cryptodiffer Community

1. India is a good marketplace. How do you plan to get the market share In India? What is the Total Addressable Market(TAM)?

2. Many Crypto projects are offering Credit/Debit card options? How does BNS going to be different?

Gaurav Dahake
CEO at Bitbns

Yes. Massive market. Investor education and building things that no one else is building.

Cryptodiffer Community

What trading fees discount are available on your exchange?? If I hold the token, is there special benefit??

Gaurav Dahake
CEO at Bitbns

With holding ZOOM you can get up to 50% discount on trading fees.

Cryptodiffer Community

1: What sparked the creation of Bitbns was it hard to actually start it? Which companies do you view them as potential partners and that they are somewhat also benefitial for both userbase and Bitbns itself?

2: As an investor and early adopter, I find it difficult to access/value a project in the short term and require longer periods of time to fully understand, recognise and value it. So, to help my understanding, can you tell me what plans are set in motion to add value to Bitbns ?

Gaurav Dahake
CEO at Bitbns

1. We saw exchanges in India were underdeveloped and didnt offer much. Any company that’s pro crypto. Larger exchanges like okex we have done partnerships as well  and we would continue with more who can expand crypto.

Cryptodiffer Community

Bitbns  has a transaction/withdrawal fee of 0.25%.Why should I use Bitbns when its fee is exorbitant compared to many exchanges with excellent features some of which Bitbns doesn’t have?

Gaurav Dahake
CEO at Bitbns

On USDT pairs trading fee was 0 for over 40 days. With bns token you would get trading fee rebate as well.

Cryptodiffer Community

Can you tell us, Which major problems are there in Current Market, which Bitbns exchange & BNS Tokens are trying to solve? Also, share How Bitbns solves that problems very effectively from market?

Can you share some recent major achievements done by Bitbns recently & Also, what are your Future Major plans for increasing the demand of Bitbns & BNS Tokens in Future?

Gaurav Dahake
CEO at Bitbns

Crypto market is too focussed on traders and not on making crypto usable. We want to solve that by making crypto payments better than fiat.

Cryptodiffer Community

1) In future most of countries will launch their own digital currencies and this transaction are also faster and less costly.

How and why bns remittances useful in this.

And it will survive.

2) As you said main reason why people will use bns pay debit card is they will get cashback on every transaction.

And someone just loaded their bns card with bns and until he do transaction in 15min price of bns fall more than 5% he have to pay more bns. So why he will prefer this method next time?

Gaurav Dahake
CEO at Bitbns

Currencies would still need to be interoperable. Which is the main challenge with remittance. 

Bns is instantly converted to fiat. Real time. There’s no wait. And merchant is settled fiat.

Cryptodiffer Community

How BITNS are benefited from the regulatory framework announced by the monetary authority of INDIA?What is the biggest challenge to be into the Crypto derivatives scenenarios ?

Gaurav Dahake
CEO at Bitbns

We would work with regulators to understand and comply and remain the de facto trading venue for all of the users.

Cryptodiffer Community

Is Bitbns planning to create its own Blockchain ?

Please explain more about the UTILITY OF Bitbns ,the real life use case and application in the future

Gaurav Dahake
CEO at Bitbns

Going fwd payments specific blockchain is on the cards. Where utilities like recurring payments via blockchain etc would be handled.

Cryptodiffer Community

Can I connect bots to my account on your exchange and also to auto-trading platforms?? How efficient is your REST API??

Gaurav Dahake
CEO at Bitbns

Our API can handle scale. 30% + of the trading right now happens via API. Available in multiple languages.

Cryptodiffer Community

Why should I stop using wazirX and migrate to bitbns?? 

How do you solve the problems of low liquidity and security on bitbns??

Gaurav Dahake
CEO at Bitbns

Liquidity on our INR markets is higher. Instant deposits. Margin trading. Bracket orders and quick telegram support are few things that are in favour of bitbns.

Cryptodiffer Community

1- You have around 73 cryptocurrencies listed, but just 28 have the margin financial , so when you going to add more options to do the margin with other cryptocurrencies?

2- Right Now the Fiat currencies are limited to the Indian Coin, you have plans to change that? Maybe extend outside India  to be a more global platform?

Gaurav Dahake
CEO at Bitbns

Fiat for other countries would be going live. UAE and thailand have it.

Cryptodiffer Community

Is Bitbns easy for new users?  What are the highlights that attract users of Bitbns ?

Gaurav Dahake
CEO at Bitbns

Fairly simple to use and we are making it simpler

Cryptodiffer Community

Why should I use Bitbns  instead of Binance, Huobi to trade?

Gaurav Dahake
CEO at Bitbns

You can use both and spot real time arbitrage opportunities using https://chrome.google.com/webstore/detail/bitbns-extension/chohglfmmlfhnkloampcdmnnhnhegbfg?hl=en

Cryptodiffer Community

1: What is the next development progress we will see? Is there any future plan to attract more user to increase the trading volume? 

2: What is the listing process of Bitbns ? How many criteria for a project to be listed on Bitbns ?

Gaurav Dahake
CEO at Bitbns

yes. We are working on building more liquidity.

Cryptodiffer Community

Q. How do you think about the Reserve Bank of India banning cryptocurrencies from entering the Indian economy? Will it affect BitBns’ business?

Q. Bitcoin Bitcoin halved in the month. What do you think about the prospects of the cryptocurrency industry in 2020?

Gaurav Dahake
CEO at Bitbns

That stuff has been overturned by supreme court. Now you can freely deposit via your bank.

Cryptodiffer Community

Do you have plans to spread Bitbns ecosystem across other continents. if yes, what are the strategies and how can I as a community member contribute to making it possible?

Gaurav Dahake
CEO at Bitbns

Check this out https://www.youtube.com/watch?v=3WYlCE2Vp5w

Cryptodiffer Community

What was the vision of Bitbns  and how it looks now? Which market Bitbns  focus on?

What will you do to ecourage Bitbns  use cases and applications, especially in the Asean region?

Gaurav Dahake
CEO at Bitbns

Make crypto better than fiat and freely usable anywher

Cryptodiffer Community

Is their Any  trading fees discount for $BNS holder??

Gaurav Dahake
CEO at Bitbns

Yes.

Cryptodiffer Community

If user pays in crypto and bitbns will settle in fiat , how will bitbns handle the volatile market, where the user paid when market was high but then went down? Could there be a risk of loss there for bit bns there?

Gaurav Dahake
CEO at Bitbns

Instantly convert into fiat via an API.

Cryptodiffer Community

in bns roadmap there is mantion about payments Blockchain. what is payments Blockchain?

Gaurav Dahake
CEO at Bitbns

Answered above in 1 question. Things like recurring payments etc would be handled with it

Cryptodiffer Community

I read that they broke a record, how was the sale of BNS tokens?

 How did you complete phase one in a record time of eighteen seconds?

Gaurav Dahake
CEO at Bitbns

😀 Users love us.

Cryptodiffer Community

For the success of project ,investor, community and developers play a major role.

 what is bitbns strategy to get them involved?

How do you evaluate the support from community ? What is your stragety to marketing and for Mass Adoption ? What message do you want to send to community through AMA to day ?

Gaurav Dahake
CEO at Bitbns

For mass adoption we are getting influencers onboard and would be doing community level meetups. 

Development and product side we have a kick ass team in place and have some fantastic investors backing us.

Cryptodiffer Community

Q1 – Bitbns looks good but it confuses me that there are so many other exchanges . What should I pay attention in bitbns to give it the importance it deserves? What are your planning to achieve with your project?

Q2 – There are several exchange in the market. 

What makes bitbns best ? Why should I use bitbns ?

Gaurav Dahake
CEO at Bitbns

Try it out you would love it. Quite a few things are unique. For example https://chrome.google.com/webstore/detail/bitbns-extension/chohglfmmlfhnkloampcdmnnhnhegbfg?hl=en or bitdroplet.com

Cryptodiffer Community

What can investors expect on BitBns platform?

is there any lock-up period for investors?

Gaurav Dahake
CEO at Bitbns

For pre public token sale. No lock up is there.

Cryptodiffer Community

Staking and DeFi are services that currently occupy the cryptospace did you have any idea to implement DeFi in your platform?

Is there any staking program in your platform?

Gaurav Dahake
CEO at Bitbns

We are closesly seeing Defi. Looking fwd to how we can integrate it

Cryptodiffer Community

Currently, the Corona virus has a strong impact on the global economy, likely there will be a new economic downturn, it affects a lot of businesses. Do you have any plans to overcome the negative effects of the Corona virus disease?

The adoption of cryptocurrencies has many barriers, and fiat-to-crypto still faces certain difficulties. What solutions does BITBNS have for users to easily purchase cryptocurrencies by fiat?

Gaurav Dahake
CEO at Bitbns

Trading has not been affected much. But we are closely seeing if there are any effects that might come.

Cryptodiffer Community

As for now How do you plan to ensure price stability of  $BNS ??  What do you see as the two challenges for  $BNS  to achieve their goals over the next year?

Gaurav Dahake
CEO at Bitbns

Team tokens are locked for 30 months. So only users would have it. And that’s going to help stabilise and improve the value. And with new utilities coming things would get better

Cryptodiffer Community

Can you share the UTILITY and real life use case and application of BNS token within the ecosystem?

Gaurav Dahake
CEO at Bitbns

Trading fee, lending fee rebates and on SIP you just pay for 11 months 12th month we pay on bitdroplet.com

Cryptodiffer Community

What you plan to attract more users towards Bitbns for trading and trying your P2P deposits/ withdrawal services?

Gaurav Dahake
CEO at Bitbns

We have direct deposits and withdrawal now enabled. Direct would be there in few countries and USDT p2p in few

Cryptodiffer Community

There are 4 top priority issues that are the combination of slow transaction speed, high cost, hacking and insufficient liquidity. So how does Tael solve these problems on the Bitbns Token?

Gaurav Dahake
CEO at Bitbns

Exactly. So bns token is solving for speed, the high cost by giving cashback by getting that from merchant. Liquidity is sorted through the API based trading on our own platform. And security we tirelessly work on

Cryptodiffer TEAM

Thank you Gaurav Dahake @g_thedifferentone for your time! 

Great answers!!

Let’s finish the ama!!!

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